The Liberals have held onto 11 seats and appear to have taken O'Connor from the Nationals.

The former WA treasurer and attorney general Christian Porter retained Pearce for the Liberal Party.

The Federal Deputy Liberal Leader Julie Bishop has blamed the carbon and mining taxes for Labor's poor election performance in Western Australia.

Ms Bishop says Labor's contempt for business in WA contributed to its downfall.

"I believe that the Labor government launched an assault on Western Australia when it introduced the carbon tax and then the mining tax," Ms Bishop said.

"And it's as if Labor thought Western Australia didn't matter and every time they introduced another regulation, more red tape, it just struck at the heart of the West Australian economy".

The WA Labor Leader Mark McGowan says the state will lose out under the new Coalition government.

"With Mr Abbott's victory, Western Australia has lost at least a billion dollars in capital works money," Mr McGowan said.

"I look forward to seeing an improvement in the GST but I am not holding my breath."

Mr McGowan says, while the Labor party's loss is disappointing, the result would have been worse had Kevin Rudd not taken over the leadership in June.

"I think the prospects were there a couple of months ago to pick up a couple more seats," Mr McGowan said.

"I do think the result that Kevin Rudd achieved was better than the result that would have been achieved six months ago."

The sitting member for Fremantle, Melissa Parke, retained the seat with more than 40 per cent of the vote over Liberal, Matthew Hanssen.

She says she is delighted.

"It's a real affirmation I think of what we've been doing in the Labor government that our primary vote has actually been increased by, it looks like, more than two per cent," Ms Parke said.

Ken Wyatt has become the first Member of Parliament to be re-elected in Hasluck.

He won the seat by just over one per cent at the last election and says he is pleased to have increased his margin.

"I thought it would be close and I was anticipating another situation like we had last time but people have been tremendous in the way they've given me their support," Mr Wyatt said.

WA's peak business lobby group, the Chamber of Commerce and Industry has welcomed the change in government.

Chamber Chief Executive Officer James Pearson says business confidence will be restored.

"In particular, businesses will be looking forward to the promised cut in the company tax rate and the commitment to cut red tape which is strangling businesses large and small to the value of a billion dollars a year."